On July 20, 2018, TCF settled with the Bureau of Consumer Financial Protection (BCFP) and the Office of the Comptroller of the Currency (OCC) regarding administration of its overdraft opt-in program between 2010 and 2013. The settlement requires TCF to pay $25 million in refunds to certain customers who opted in to overdraft services between 2010 and 2013, paid overdraft fees that were not waived or refunded, and otherwise meet criteria specified in the BCFP- and OCC-reviewed refund plan.
On November 16, 2018, the BCFP and the OCC agreed TCF should begin implementing the refund plan. This plan defines how refund payments are distributed and the amounts each eligible current and former account holder are paid.
Current and former customers do not need to take any action to receive refund payments.
Eligible current customers will receive a statement credit and eligible former customers will receive a check mailed to them. Only account holders who are eligible for refunds will receive an account credit or check.
TCF expects to begin distributing refund payments to affected customers before December 31, 2018.
The settlement fully resolves litigation with the BCFP and regulatory matters with the OCC related to TCF’s overdraft opt-in processes and practices.